Net 30 – Payment 30 days after the invoice date.Net 10 – Payment ten days after the invoice date.Net 7 – Payment seven days after the invoice date.Remember to set clear payment terms on your invoice to avoid late invoice payments. To steadily maintain positive cash flow, it’s a good idea to submit your invoices directly after completing a project to ensure you get paid as soon as possible. Instead of watching the clock and taking notes of billable hours, use a time tracker to focus on your more important work. Try to automate these tasks to lighten the load. Many administrative tasks require the attention of a small business owner. It’s good to request 25%-50% deposits upfront for projects that will take at least a month to complete. Independent consultants only get paid upon invoice submission and not at regular intervals like an employee, making maintaining steady cash flow challenging. Here are 5 invoicing tips for consultants that will help improve your invoicing process and help you get paid faster.
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